Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<h2>Latest Statement from the UK Competition and Markets Authority (CMA)</h2>The <a href="https://assets.digital.cabinet-office.gov.uk/media/56b1d43f40f0b613d100000a/Issues_statement.pdf" target="_blank">issues statement</a> (linked to official document) has been released by the UK Competition and Markets Authority, with closing date for submissions 17th February.<div class="content-highlight">In this insight, we list out the key concerns raised by the CMA and examine the seriousness of the concerns. Without further ado... </div><h2>Definitions</h2>The Records and Information Management Services (RIMS) which the Parties supply comprise:(a) Records management services (RMS)…

Latest Statement from the UK Competition and Markets Authority (CMA)The issues statement (linked to official document) has been released by the UK Competition and Markets Authority, with closing date for submissions 17th February.In this insight, we list out the key concerns raised by the CMA and examine the seriousness of the concerns. Without further ado... DefinitionsThe Records and Information Management Services (RIMS) which the Parties supply comprise:(a) Records management services (RMS)…

Recall / Iron Mountain - It Is Starting to Hurt

<h2>Latest Events</h2>UK's Competition and Markets Authority (the “CMA”) had recently <a href="http://www.asx.com.au/asxpdf/20151231/pdf/4344pvd73dfd1q.pdf" target="_blank">announced</a> its decision to refer Iron Mountain’s proposed acquisition of Recall Holdings Limited for an in-depth (“Phase 2”) investigation, unless Iron Mountain offers acceptable undertakings to address competition concerns preliminarily identified by the CMA.Iron Mountain has until January 7, 2016 to submit its proposed undertakings and the CMA will then have until January 14, 2016 to consider whether there are…

Latest EventsUK's Competition and Markets Authority (the “CMA”) had recently announced its decision to refer Iron Mountain’s proposed acquisition of Recall Holdings Limited for an in-depth (“Phase 2”) investigation, unless Iron Mountain offers acceptable undertakings to address competition concerns preliminarily identified by the CMA.Iron Mountain has until January 7, 2016 to submit its proposed undertakings and the CMA will then have until January 14, 2016 to consider whether there are…

Recall / Iron Mountain - More Antitrusts Pains

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete. 

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

<ul><li>Brambles has a superb wide-moat franchise.</li><li>Its dominant position in global pallet pooling through CHEP has made it one of Australia's most successful industrial services companies in the past 15 years.</li><li>Having recently unveiled a USD 1.5 billion growth program, Brambles has the potential to lift its performance and widen its competitive moat by cutting costs, improving pallet durability and introducing new pallet formats outside the traditional 40 inch x 48 inch wood pallet.</li><li>We also examine long-term trends in U.S. retailing and the pallet industry and conclude they play to CHEP's strengths, cementing its dominant market position.</li><li>We conclude value exists in Brambles, with the stock trading at an 8% discount to our A$12.00 per share discounted cash flow-based fair value estimate.</li><li>This report presents a deep-dive&nbsp;review&nbsp;of Brambles Business.</li></ul>Analysts: Tim Mann &amp; Carolyn Holmes, CPA

Brambles has a superb wide-moat franchise.Its dominant position in global pallet pooling through CHEP has made it one of Australia's most successful industrial services companies in the past 15 years.Having recently unveiled a USD 1.5 billion growth program, Brambles has the potential to lift its performance and widen its competitive moat by cutting costs, improving pallet durability and introducing new pallet formats outside the traditional 40 inch x 48 inch wood pallet.We also examine long-term trends in U.S. retailing and the pallet industry and conclude they play to CHEP's strengths, cementing its dominant market position.We conclude value exists in Brambles, with the stock trading at an 8% discount to our A$12.00 per share discounted cash flow-based fair value estimate.This report presents a deep-dive&nbsp;review&nbsp;of Brambles Business.Analysts: Tim Mann &amp; Carolyn Holmes, CPA

Competitive Threats Will Not Topple CHEP. Long-Term Trends Favour Market Leadership.

Recall has deferred its shareholder Scheme of Arrangement&nbsp;meeting from Dec. 3 to March 17.The meeting is required&nbsp;to approve the acquisition of the company by Iron Mountain,&nbsp;with the postponement required to allow regulatory&nbsp;approvals to be finalised.The revised date means that the&nbsp;implementation date of the Scheme, namely the date on&nbsp;which payment will be made for the Recall shares, is&nbsp;expected to occur on April 1.As a worst-case scenario, the&nbsp;scheme will not proceed if regulatory approvals are not&nbsp;obtained by June 8, but we consider this scenario to be&nbsp;unlikely.Analyst: Gareth James

Recall has deferred its shareholder Scheme of Arrangement&nbsp;meeting from Dec. 3 to March 17.The meeting is required&nbsp;to approve the acquisition of the company by Iron Mountain,&nbsp;with the postponement required to allow regulatory&nbsp;approvals to be finalised.The revised date means that the&nbsp;implementation date of the Scheme, namely the date on&nbsp;which payment will be made for the Recall shares, is&nbsp;expected to occur on April 1.As a worst-case scenario, the&nbsp;scheme will not proceed if regulatory approvals are not&nbsp;obtained by June 8, but we consider this scenario to be&nbsp;unlikely.Analyst: Gareth James

United States

Iron Mountain Incorporated is a storage and information management company. The Company provides records management, data management solutions, and information destruction services.

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Iron Mountain (IRM US)

Recall / Iron Mountain - It Is Starting to Hurt

Latest Statement from the UK Competition and Markets Authority (CMA)The issues statement (linked to official document) has been released by the UK...

Crispin Francis

Recall / Iron Mountain - More Antitrusts Pains

Latest EventsUK's Competition and Markets Authority (the “CMA”) had recently announced its decision to refer Iron Mountain’s proposed acquisition...

Crispin Francis

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average...

Dechert LLP

Competitive Threats Will Not Topple CHEP. Long-Term Trends Favour Market Leadership.

Brambles has a superb wide-moat franchise. Its dominant position in global pallet pooling through CHEP has made it one of Australia's most...

Morningstar, Inc.

Recall Defers Scheme Meeting

Recall has deferred its shareholder Scheme of Arrangement meeting from Dec. 3 to March 17.The meeting is required to approve the acquisition of the...

Morningstar, Inc.

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